Month: November 2017
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Remember: There’s no such thing as a “Free” way
Congestion pricing is a win-win strategy and the only way to truly reduce traffic congestion The urban transportation problem is a hardy perennial: no matter how many lanes we add to urban freeways, traffic congestion is just as bad, if not worse than ever. In the face of “free” road travel, induced demand means that…
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Where should low-income housing go?
Is it better to build affordable housing in low income neighborhoods, or higher income neighborhoods? A recent study has run the numbers, and argues that social welfare is optimized by putting affordable housing in very poor neighborhoods, rather than wealthier (and especially whiter) ones. Authored by Rebecca Diamond and Timothy McQuade of the Stanford School…
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Uber and Lyft: A dynamic duo(poly)?
Will two firms produce enough effective competition to benefit consumers? The use ride-hailing services continues to grow in the US, and while there are a range competitors in some markets, like New York, in most places, nearly all ride-hailing is dominated by Uber and Lyft. The good news for consumers is that fierce competition for…
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The Week Observed, November 17, 2017
What City Observatory did this week 1. Renter’s credit scores are rising. What does that mean? New data from RentCafe shows a noticeable increase in the average credit scores of successful applicants for rental housing. In some leading markets like San Francisco, Seattle, and Boston, those who land new apartments have sterling (700+) credit scores.…
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Using Yelp to track economic growth
We review Yelp’s new index for rating local economies: It’s a good start For a long time, the only comprehensive and reliable means we’ve had of tracking and comparing economic activity across state and regional economies has been official government statistics, such as those compiled by the Census Bureau and the Bureau of Labor Statistics.…
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Renters move up-market
What to make of the high credit scores of new renters in some markets: alarm bell or success signal? RentCafe–one arm of Yardi Matrix, a real estate data and services firm–has a very interesting new data series on the credit scores of successful and unsuccessful apartment seekers in different cities. Rent Cafe runs a tenant…
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The Week Observed, November 10, 2017
What City Observatory did this week 1. The growing premium for urban living. Three years ago, City Observatory introduced the term “the Dow of cities.” In essence, its the observation that the growth in city home prices relative to suburban ones is a good indicator of the relative value that people attach to urban living.…
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The end of the housing supply debate (maybe)
Slowly, the rhetorical battle is being won, as affordable housing advocates acknowledge more supply matters There’s been a war of words about what kind of housing policies are needed to address the nation’s affordability problems. Economists (from the White House to academe) argue that increasing housing supply is essential. Low income housing advocates of many stripes…
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More evidence of the Dow of cities
The premium that households pay to live in cities relative to suburbs and rural areas continues to increase Three years ago, we introduced the term “Dow of cities.” It’s a riff on the Dow Jones Industrial Average (DJIA), which is a broad-based summary measure of stock market valuation. The idea behind the Dow of cities…
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The Week Observed, November 3, 2017
What City Observatory did this week 1. Rent control’s impact on the San Francisco housing market. A new study from three Stanford economists dissects the impacts of rent control in San Francisco. Using a late-in-the-game revision of the rent control law (that extended controls to previously exempt 1-4 unit structures), and an impressive pile of…